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First Cut: October Issue
Thoughts & Articles by MD&CEO, YES BANK
Knowledge Series
YES BANK Transformation Series 2016
YES! I am the CHANGE – Social Film Making Competition
Quiz Corner
UNIVERSITY & SCHOOLS RELATIONSHIP MANAGEMENT (USRM)
OCT 2016
INSIDE THIS ISSUE
PAGE 2 QUARTERLY USRM NEWSLETTER OCTOBER 2016
First Cut: October Issue
Recent Trends: Monetary policy dominates global economic discourse, Domestic data mixed
The month of September was dominated by monetary policy actions of key central banks in advanced economies.
With output gaps still negative, wage pressures muted and risk of persistent low inflation, the need to remain accommodative persists, with growing reliance on unconventional strategies in these economies. Against this backdrop, the US Federal Reserve was unable to raise rates, while the Bank of Japan found itself unable to ease meaningfully, risking the credibility of both banks.
On the domestic front, incremental data continued to remain mixed, a reflection of diverging consumption and investment trends.
High frequency indicators more attuned to consumption such as personal loans growth, PMI services continued to uphold growth on trend basis. On the other hand, investment and manufacturing related indicators such as PMI manufacturing, core industry growth, industrial credit continued to display tepid momentum in their latest prints.
Going forward, we expect recovery to continue to be led by improvement in consumption, as the lagged impact of normal monsoon, 7th pay commission payouts and onset of festival season provide support. We expect FY17 GVA growth to improve to 7.8% from 7.2% in FY16.
Our forecast for upcoming macroeconomic indicators are as follows:
Date Data Period YBL Forecast Previous as Comment
10-Oct-2016 IIP (% YoY) Aug 0.1 -2.3
While subsectors of mining and electricity are expected to remain a drag on the overall index (the former reeling under good monsoon and the latter due to reduced thermal based generation), tepid growth in manufacturing is expected to push IIP growth marginally in positive.
13-Sep-2016 CPI (% YoY) Sept 4.55 5.05
Sept CPI is expected to slip closer to 4.50 levels, driven by continued moderation in prices of food items, especially pulses and vegetables.
14-Sep-2016 WPI (% YoY) Sept 3.85 3.74
Deflation in food prices is expected to lead to a sequential decline in wholesale inflation, despite the uptick expected in fuel prices. However, adverse base would lead to a marginal rise in the annualized inflation print.
10-15 Sep-2016 Trade Balance
(USD bn) Sept -8.4 -7.7
A seasonal uptick gold and non-oil non-gold imports (amidst continued softness in exports) is expected to widen trade deficit in September to USD 8.4 bn from a near static level of USD 7.7-7.8 bn over the last 3 months.
Source: CEIC, Bloomberg, YES BANK Ltd.
PAGE 3 QUARTERLY USRM NEWSLETTER OCTOBER 2016
Managing Director & CEO Speaks
Thoughts & Articles
The New Growth Spark The Economic Times, 16th August, 2016
Over the last two years, the Indian economy has unequivocally emerged as a safe haven, displaying unmatched macroeconomic stability amid rising global economic and geopolitical uncertainties. While the global economy is caught in a new normal of ‘lower for longer – low growth, low inflation’ , India’s GDP growth has consolidated around 7.5% in the last 2-years and is poised to catapult to 8.1% in FY17 led by domestic demand and public capex led investments. As we celebrate 25 years of economic liberalization, it is important to build on our strong fundamentals, and undertake bold and transformational reforms that lead to higher and sustainable economic growth. As we aim for double-digit GDP growth, it will be critical to boost infrastructure growth. The top seven sectors that would drive this growth, in order of priority, are Roads, Affordable Housing, Renewable Energy, Food Processing, Agriculture, Railways and Shipping & Ports. In each of these sectors, the Government has put in place significant enabling measures to ensure a quantum change. Apart from sector-specific growth measures, a number of positive factors are aligning to aid India’s growth. With the objective of driving sustainable growth, the Government has undertaken a judicious mix of micro, macro, institutional, and administrative reforms in the last two years. Click here to read the full article
GST: Lubricating India’s Economic Gears The Hindu Business Line, July 2016
The passage of the Constitutional Amendment Bill on Goods & Services Tax (GST) is a similar landmark step, which will lubricate the gears of the Indian economy and ensure a virtuous growth cycle for Indian industries for the next several decades. This bold step towards unifying our tax architecture to bring it in line with the world’s leading economies is also a critical step towards the government’s vision of improving the “ease of doing business” in India. The passage of GST was achieved through consensus building among the states and is a shining example of “co-operative federalism” which is necessary for the success of the Indian economy. The policymakers will now work towards building the required architecture to facilitate roll-out of GST from April 2017. Once GST gets implemented, there will be a radical transformation from a complex, multi layered and cascading indirect tax system to a single and unified direct tax system that allows for tax set-off across the value chain, both for goods and services. This should help lower product costs and thereby make Indian goods competitive in comparison to imports, increasing profitability of companies. This efficiency and improvement should help achieve larger economies of scale leading to harnessing of inflation. Click here to read the full article
PAGE 4 QUARTERLY USRM NEWSLETTER OCTOBER 2016
Knowledge Series
Leadership Talk by Mr. Partha Pratim Ghosh (GEVP - Government
Banking at IIM Ranchi) Mock Interview Session conducted by Mr. Deep Agrawal (VP – Digital
Banking) at NMIMS Ms. Cherry Singh (EVP – HCM) participated in a Panel Discussion at
the HR Summit in IIM Rohtak Leadership Talk by Neerja Rawat (GEVP - Food and Agri Strategic
Advisory and Research) at MDI Gurgaon Keynote Address by Mr.Deodutta Kurane (Group President – Human
Capital Management) at the HR Conclave in SIIB Mr. Warren Patrick (Senior President & Chief Learning Officer) delivered
the Keynote speech at the R.N PODAR Summit Session by Ms. Namita Vikas (Group President & MD-Climate Strategy
& Responsible Banking) at CSR Training Program at ISB Keynote Address by Mr. Ajai Kumar (Board of Directors) at the
International Conference on 'Growth & Export Prospects of MSMEs'
at D. Y. Patil University Mr. Rajnish Dutta (Senior President and Head HCM Branch and Business
Banking) participated in a Panel Discussion at the HR Conclave in IIM
Amritsar Guest Lecture by Mr. Nilesh Ghuge (President and Head Product and
Sales Support – Business Banking) at JBIMS ISB Mr. Deep Agrawal (VP – Digital Banking) participated in a Panel
Discussion at ‘Workshop on Innovation in Technology Services’ at ISB
PAGE 5 QUARTERLY USRM NEWSLETTER OCTOBER 2016
YES BANK Transformation Series has been providing a launch pad for some of the brightest minds in the world to come up with path breaking ideas since 2010. This year, we were back with a twist – to enhance the overall impact, we are introducing 4 real life case studies in conjunction with:
Ezetap (cashless transaction) TAISYS (Sim Sleeve) Zaggle (Pre-paid cards) T-Hub (innovation)
This year we witnessed participation from over 26,000 students from top B-Schools across the country and emerged as
India’s Largest B-School Challenge. We conducted campus rounds in 25 campuses where the campus winners won INR
25,000 apart from which there were also prizes for the Best Presenter, Most Innovative Idea, Most Implementable Idea
and Best Marketing Plan. Apart from campus finalists, the Top 15 teams will get to work on a case of National importance
provided by the Ministry of New and Renewable Energy (MNRE).
The Top 15 Finalists are:
ZAGGLE TAISYS
Team Alpha Wolves (IIM-K)
Team North East Royals (IIM-Shillong)
Team Unmethodicals (SCMHRD)
Team Lightsaber (IIM-A)
Team NSG Commandos (IIM Indore)
Team GemCrackers (NITIE)
T-HUB EZETAP
Team Natural Selection (XLRI)
Team Oh Yes Abhi! (JBIMS)
Team Plutus (ISB)
Team WinterIsHere (IIM-C)
Team Inquisitive Army (MDI)
Team Heisenberg (IIFT)
WILD CARD
Team Aethon (IIM-B)
Team Sparrow (SP Jain)
Team Fantasticans (GLIM)
These finalists will be flown to the Grand Finale in November to present their solutions to a jury comprising captains of
the Industry, thought leaders, academicians, leading journalists and emerging entrepreneurs from across the world.
PAGE 6 QUARTERLY USRM NEWSLETTER OCTOBER 2016
YES! I am the CHANGE – Social Film Making Competition Student Challenge
YES FOUNDATION, the social development arm of YES BANK, has innovatively harnessed the power of media to inculcate the spirit of Responsible Citizenship amongst youth through its flagship program, YES! i am the CHANGE (YIAC) 101-Hour Filmmaking Challenge. Through this challenge, youth across India engage with various social causes to make 3-minute films. These films form an open repository of invaluable communication resources for Not-for-Profits. Most importantly, the process of participation and exposure to various social causes leads to the inner transformation of the youth, builds association with causes and makes them agents of social change. Within just three years, YES! i am the CHANGE has emerged as the World’s Largest Social Film Movement in India with 500,000 participants across 2,500 cities and towns pan-India. This year YES FOUNDATION conducted the YES! i am the CHANGE 2016 Student Challenge from August 13th to 17th. Along with the Student Challenge, 77 workshops on ‘Basics of Filmmaking’ were conducted across premier education institutes in addition to 8 Social Film Festivals. The challenge witnessed a record participation of 1.66 lakh teams engaging with 3,600+ colleges across the country. Glimpses of the Challenge:
PAGE 7 QUARTERLY USRM NEWSLETTER OCTOBER 2016
Please address your responses/communications to
For specific partnerships related queries you may get in touch with
our USRM Partners
Prathibha Elsa Thomas
Connect With Us Quiz Corner
What is YES BANK’s vision? What are the values of YES BANK? What is YES PAY?
Visit us at
Send your entries to [email protected]
The first 5 entries win
prizes worth Rs. 2000/-
